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Form 5305-SIMPLE for Georgia: What You Should Know
The Form 5304-SIMPLE is the plan that is most commonly used to provide a SIMPLE IRA plan. Form 5304-SIMPLE has five main elements which, in all, are the same in all SIMPLE plans: the plan description; the amount(s) of contributions to be contributed in addition to the employer's regular salary reduction contributions; the account identification number; the contribution dates; and the employer identification number. The Form 5305-SIMPLE savings incentive match plan is also called a SIMPLE IRA Plan, is for individuals that do not receive Social Security, and provides a fixed amount of money to be contributed for retirement on a pre-tax basis, no matter if they receive Social Security or not. If the employee is not eligible for either Social Security or regular retirement benefits, their employer may contribute an amount of income tax-free to the SIMPLE IRA to cover the employee's own retirement funds. This is not the same as the employer's contributions for Social Security contributions, as it is not a contribution from the employer for Social Security coverage. For more information: Form 5304-SIMPLE Savings Incentive Match Plan For Individuals I've just completed the 5305-SIMPLE plan; I've got the plan description and plan number, account number, and amount. Now I need to enter my contribution dates. Is the plan right? Thank you. Anonymous Dear Anonymous: The plan information you just completed is correct. The plan details should have the following elements: Account Identification Number: the account's account number (i.e. 5305-XXXX) Contribution Dates: the account's contribution dates for payroll taxes and for employer contributions Contribution Amount: the basic contribution amount Contribution Percentage: the percentage of the basic contribution amount Contribution Type: the plan type The plan details should have the following items: The account identification number The number given to it should match that given on your Form 1099-INT, so if the number is 5305-XXXX, your plan number should be 5305-XXXX. Note, if you did not receive a Form 1099-INT in the mail, do not panic, as long as you have the correct account identification number in your account file, the plan should look correctly.
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